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The Income Tax Department carried out a search and seizure operation on 18.08.2022 on two prominent real estate groups of Kolkata. During the course of the search operation, a large number of incriminating evidence including documents and digital data have been found and seized. There are evidences of out of books cash transactions and on-money receipts. Several documents and electronic data indicate routing of unaccounted money through shell companies. Further, some of the evidences found du
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FAQ :
The Income Tax Department conducted the search and seizure operation on 18.08.2022.
The searches were carried out on two prominent real estate groups in Kolkata.
Incriminating evidence including documents and digital data was found, indicating out-of-books cash transactions, 'on-money' receipts, and the routing of unaccounted money through shell companies.
Key individuals admitted to using shell companies for the infusion of unaccounted funds in the form of share capital, share premium, and unsecured loans through the sale of bogus investments.
The search action has led to the detection of a total unaccounted income of more than Rs. 250 crore.
Sixteen bank lockers were found during the search proceedings and have been placed under restraint.
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